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Ellerslie, MD

The Best Mortgage Lenders in Ellerslie, MD

Compare verified mortgage lenders serving Ellerslie, Maryland. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.

3
Top Lenders
4.7
Avg Rating
715+
Reviews
10
Loan Types

Available Loan Programs in Ellerslie

Conventional
FHA
VA
USDA
Jumbo
Construction
Refinance
ARM
Construction-to-Perm
First-time Homebuyer

Featured Mortgage Lenders

1

First United Bank & Trust

First United Bank & Trust

★★★★☆
4.8/5

First United Bank & Trust is a highly-rated regional bank with deep roots in Western Maryland, serving Ellerslie and surrounding communities for over a century. They maintain exceptional 4.8-star ratings across multiple review platforms due to their personalized service, competitive rates, and local decision-making. As a community-focused institution, they offer comprehensive mortgage solutions with the advantage of local loan officers who understand the specific needs of Allegany County residents. Their long-standing presence and commitment to customer satisfaction make them a top choice for Ellerslie homebuyers.

Experience:25 years
Reviews:185 customer reviews
19 S Centre St, Cumberland, MD 21502

Loan Types:

ConventionalFHAVAUSDAJumboConstructionRefinance
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2

Sandy Spring Bank Mortgage

Sandy Spring Bank

★★★★☆
4.7/5

Sandy Spring Bank has built an outstanding reputation throughout Maryland with particular strength in serving Western Maryland communities like Ellerslie. With a 4.7-star rating from hundreds of verified customers, they're praised for their responsive service, transparent communication, and competitive mortgage products. Their experienced loan officers specialize in both rural and suburban properties, making them well-suited for Ellerslie's market. The bank's long history and strong capital position ensure reliable lending capabilities, while their local Frederick office provides convenient access for Allegany County residents.

Experience:22 years
Reviews:210 customer reviews
184 Thomas Johnson Dr, Frederick, MD 21702

Loan Types:

ConventionalFHAVAJumboARMRefinanceConstruction-to-Perm
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3

Tower Federal Credit Union

Tower Federal Credit Union

★★★★☆
4.6/5

Tower Federal Credit Union consistently ranks among Maryland's top mortgage lenders with excellent 4.6-star ratings from hundreds of members. While headquartered in Central Maryland, they serve members throughout the state including Ellerslie residents, offering particularly competitive rates for government-backed loans that benefit rural homebuyers. Their mortgage specialists are known for patient guidance through the entire process and exceptional member service. With nearly 70 years of financial service experience, Tower provides the stability and expertise that Ellerslie homebuyers seek, plus the advantage of credit union member benefits and typically lower fees than traditional banks.

Experience:28 years
Reviews:320 customer reviews
8293 Patuxent Range Rd, Jessup, MD 20794

Loan Types:

ConventionalFHAVAUSDAJumboRefinanceFirst-time Homebuyer
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Frequently Asked Questions

Common questions about mortgage lending in Ellerslie, MD

What are the current mortgage rates like for homes in Ellerslie, MD?

Mortgage rates in Ellerslie are generally competitive with national averages, but can be slightly influenced by local market demand in the Cumberland metro area. As of late 2023, rates for 30-year fixed mortgages typically range from 6.5% to 7.5% for qualified buyers. It's advisable to compare offers from both local Maryland lenders and national institutions to secure the best rate for your specific financial situation.

Are there any special first-time homebuyer programs available specifically in Ellerslie?

Yes, Ellerslie homebuyers can access Maryland Mortgage Program (MMP) benefits, which include down payment assistance and competitive interest rates. Allegany County, where Ellerslie is located, may offer additional local grants or programs for first-time buyers. These programs are particularly valuable in Ellerslie's affordable housing market, where median home prices are below state averages.

How does Ellerslie's rural location affect the mortgage process?

Ellerslie's rural designation can work to your advantage through USDA loans, which offer 100% financing with no down payment requirement for eligible properties and borrowers. However, some lenders may require additional property inspections for rural homes, particularly for wells and septic systems common in the area. Working with local lenders familiar with Allegany County properties can streamline this process.

What should I know about property taxes when getting a mortgage in Ellerslie?

Allegany County property taxes are relatively low compared to other Maryland counties, currently around 1.04% of assessed value. When calculating your mortgage payment, lenders will include these taxes in your escrow account. Ellerslie's affordable tax rates can help qualify for slightly higher loan amounts compared to buyers in higher-tax Maryland jurisdictions.

Are there any local considerations for condos or townhomes in Ellerslie when securing a mortgage?

While Ellerslie has limited condo developments, those that exist must meet FHA and conventional lending requirements for project approval. Lenders will carefully review the homeowners association's financial health and insurance coverage. Given the area's predominantly single-family home market, working with a mortgage broker experienced in Maryland's rural condo financing can help navigate any unique requirements.

Nearby Cities

Explore mortgage lenders in cities near Ellerslie, MD

Why Choose a Mortgage Lender in Ellerslie?

Local Market Knowledge

Lenders who understand Ellerslie's housing market can offer better guidance and competitive rates.

Multiple Loan Options

Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.

Proven Track Record

Work with lenders who have years of experience and hundreds of satisfied customers in Maryland.

Ready to Find Your Perfect Mortgage Lender?

Connect with top-rated mortgage professionals in Ellerslie and get competitive rates on your home loan.